Monthly Income Deposit

Deposit Type Monthly Income Plan
Interest Updation Method Simple Interest (Discount Method)
Interest Method Interest on deposits, per month or Interest must earned on that Account
Customer Interest Payment Monthly interest amount is relevant to depositors convinience cash or depositors savings or current account will be submitted, if desired, they simply cash their money order, or will be, available via Bank Draft
Minimum Amount of Rs 10,000 /- or more than 10.000/-
Maximum Amount of Rs No limit
Minimum Duration 1 Year
Maximum Duration 10 Year
According to this plan,the account holder who is keeping FD have to saving account or current account to the bank.
In the duration of deposit maintaining,the customer if needed 80% of deposited amount with interest on account can be deposit.
Formula for interest charges principal * interest rates * period of months / (1200 + interest rates )